Lululemon一号位被「下课」，明星集体变心，谁才是幕后推手？

Core Insights - Lululemon's CEO Calvin McDonald will step down on January 31, 2024, amid a year of poor performance, with the board seeking a new CEO through a top executive search firm [2] - The company's stock price has halved this year, but surged over 10% in after-hours trading following the leadership change announcement, indicating market consensus on the decline of its growth narrative [2] Group 1: Company Performance - Lululemon's sales in the U.S. market fell by 2% in the latest third-quarter report, marking the fifth consecutive quarter of revenue growth below 10%, a stark contrast to only four quarters of such performance in the previous decade [5] - The management acknowledged challenges in the overall demand for the North American activewear market, with consumers shifting towards cheaper brands and new competitors siphoning off high-end market share [5] - The brand's classic styles, which once drove sales, are no longer stimulating new purchases, leading to a loss of loyal customers [5] Group 2: Competitive Landscape - Alo Yoga has emerged as a significant competitor, capturing market share and consumer interest, particularly among younger demographics and celebrities [11][18] - The brand's revenue has quintupled in three years, reaching the "billion-dollar club" with sales of $1 billion, while Lululemon's market position has weakened [18] - Alo Yoga's pricing strategy, with yoga pants priced around $120-130, is 30% higher than Lululemon's, yet it has successfully positioned itself as a luxury brand among affluent consumers [18] Group 3: Internal Challenges - Chip Wilson, Lululemon's founder, publicly criticized the management for losing the brand's "cool factor" and failing to attract creative talent, attributing the company's decline to a series of strategic errors [9][10] - Wilson's concerns highlight a broader internal struggle, as the company has attempted to diversify into men's apparel and footwear, which some analysts argue has diluted the brand's focus [5][9] - The internal innovation engine has stalled, contributing to a loss of brand appeal and market dominance, leading to a significant drop in market capitalization from a peak of $64 billion to approximately $22 billion [18]